Entrepreneurial Marketing: Word of Mouth, Social Media, Market Innovation, and Market Differentiation Strategy

This report explores the importance of word of mouth, social media, market innovation, and market differentiation strategy in entrepreneurial marketing. It discusses the benefits of these strategies for SMEs and how they can help increase sales and market share. The report also highlights how Rowlinson Knitwear, a small organization, utilizes these strategies to promote their products and services. It emphasizes the role of innovation and marketing in understanding customer needs and market trends.

Entrepreneurial Marketing
Presentation

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
Word of mouth is better or not for SME's...................................................................................1
Social media................................................................................................................................3
Market innovation.......................................................................................................................4
Market differentiation strategy....................................................................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurial marketing can be defined as the process that work like orientation and
process of pursuing opportunistic by establishing and launching new products in market.
Entrepreneurship is more concerned to launch new venture in market for increasing value in
products and services that are offered by organisation. Innovativeness, unique, creative, market
promotion are some of the key aspects of entrepreneurial marketing. Entrepreneur are also
concern about selling products in a large market. This report is written from perspective of
Rowlinson Knitwear which is a small organisation. Moreover, these report highlights on features
of small business marketing environment and operational issue faced by new ventures and small
business (Arfanly and Syamsun, 2016). Marketing theory and practices in small business is also
included in this report. In the last, learning skills to deal with problems will also be included in
this report. Innovation is one of the most appropriate methods that leads organisation to perform
work with continue innovation that is required by enterprise. The main motive to implement
entrepreneurship is to complete all task with innovation perspective for manufacturing products
according to customer expectations. Similarly, innovation also helps company to perform their
work in target specific segment to sale their products as per patronages. On the other side, there
are various medium such as social media, market innovation and marketing strategy will also be
included in this report. Social methods and techniques helps company to aware about items that
are sold with motive of earning profits. Strategy is also providing various benefits to company
like to approach large number of persons by performing work in a global market area. Moreover,
the main work of strategy is to accomplish company goals within minimum time period for
achieving vision and mission of company.
MAIN BODY
Word of mouth is better or not for SME's
Word of mouth is defined as an effective tool that is more beneficial for the business
organisation because it spread awareness related with company products and services through
words and mouth publicity (Chaudhury and et. al., 2014). There are various products sold by
organisation to its clients so it is essential for company to promote all products Words of mouth
is one of the best approach for promotion of products and services as it leads company to
increase profits by generating more customers base. Example- by offering good quality products
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it is easy for customers to refer them to its colleagues, family, friends and many more. Along
with this it is defined as the recommendation to satisfy customers with oral basis. It is also
considered as most effective method which is used for promoting all items that are sell by
organisation. In the context of Rowlinson knitwear word of mouth is more beneficial as it help
customers to convert prospect customers into a promotional tool (Fillis, Lehman and Miles,
2017). The management of Rowlinson knitwear utilise word of mouth technique to generate
positive perception about products in the society due to which more customers purchase
company products and services. Business environment analysis is used to identify potential
aspects that impacts on asset, decision-making and perspective of organisations. Economic,
political, cultural etc. are major aspects of an marketing environment that are beyond the control
of company. So to understand all this aspect marketing plays a crucial role in organisation as it
leads management in understanding overall market trends and conditions. Further, by understand
of marketing it is easy to implement word of mouth, social media and other promotional strategy
in effective manner.
Some of the major advantages by which an organisation demonstrate and retain small business
operations in competitive market are mention as follow:
Low cost for marketing- Word of mouth provides benefits to all organisation whether
they are small, medium and large in size. This determines that medium size companies and SME
both will not generate expense to market their products. So profits of organisation are directly
increased as no cost is invest to promote products. In context of Rowlinson Knitwear it is a
positive point for company because management utilise surplus money in expanding business
size of organisation.
Better recommendations- With right recommendation about products or services there
are various benefits will be gain by management. Like, by satisfying end consumer company is
able to attract more individuals due to which products are sold in large market (Habibzadeh,
Meshkani and Shoshtari, 2016). Rowlinson knitwear maintain quality of their goods so it is easy
to convert visitor into customers that visit organisation by recommendation of others.
Raise in demand of products- Word of mouth results that there is increase in demand of
products with rapid speed because of good recommendation from end user or consumer. SME
such as Rowlinson knitwear is performing their work at small level so with more publicity it is
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easy for management to sale their item at larger level. This results with high demand and sale of
clothing products revenue and profits for organisation is also increased.
Enhanced market image- With implement of word of mouth techniques it is easy for
organisation to increase their goodwill and value in market. This also results persons develop
positive perception in its mind due to which management is able to perform work with
competitive edge against rival organisation (Lam and Harker, 2015). This refers most of the
consumers are already interested buy product because of positive perception about company.
Continuous process- The term marketing is a continue process by which all workforce
and management complete their work within effective manner through performing all operations
on constant basis. Rowlinson knitwear manage their work on self-basis. So it is not impacted by
external environment as company adopt changes according to marketing trend.
With the above points it is monitor and analysed that word of mouth is more beneficial for SME
companies as it leads management to increase awareness about company products. Along with
this by word of mouth promotion and advertisement of company is free. Therefore, it work as a
positive point for organisation that leads management to complete all work in proper manner to
analyse with customers needs.
Social media
In the present scenario, most of the work are perform by management through completing
all task and operations with implement of information technology. Similarly, individuals are also
engage in social media due to which switching cost of customers is more because buyers has
more numbers to purchase products as per their needs. This also determines that it is mandatory
for management that company perform work and post essential information on social media for
attracting large number of customers.
In the present scenario, social media is one of the most effective tool as according to data
and information of SME. Social media raises market share for company by promoting company
products into different areas. Rowlinson knitwear formulate large number of products so with
social media company represent its strength to produce good quality goods within bulk.
Moreover, SME are performing their work at a local level due to which number of operations is
limited (Lehman, Fillis and Miles, 2014). But with help of social media management of company
increases their customer base as organisation is approaching different areas to promote its
products. So as the demand of products is increases operations and functions of company is also
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raised for satisfying needs of all customers. With low cost large variety of products is promoted
by Rowlinson knitwear at global level through utilising social media techniques. Thus, as
compare to large and medium organisation SME are more benefited to implement social media
techniques in its functions.
Market innovation
Market is a place where all organisation represent their products or services to deliver
them towards end consumer. According to present market conditions market work as a global
stage among which all local and international companies approach end consumer. So it is
complex for SME to compete with multi-national organisation (Cass and Morrish, 2016).
Therefore, innovation work as a positive aspect for local level organisation. From perspective of
Rowlinson knitwear company is managing their all of its work and operations by utilising
innovation technique due to which all overall productivity of organisation is increased. This also
refers that most of the organisation are increasing their market size by utilising innovation
techniques so it work as positive aspect to increase sale of products and services in market.
Innovation refers to make changes in society by generating modifications in existing
product or service. Current market conditions of a market is too dynamic due to which there are
constant changes in consumer taste and trends. So with implement of innovation Rowlinson
knitwear is able to direct their products as per current market situations to manage and complete
all task in proper manner. Innovation is most of essential aspect for organisation that is
increasing market share by satisfying needs of employees. This also determines that with
innovation perspective needs of employees are satisfied within proper manner. It also ensure to
satisfy customer innovation leads company to manage work in proper manner.
Market differentiation strategy
Strategy plays an effective role in organisation which leads company to perform all work
in effective manner through following all task and operations as per company plans. Small and
medium organisation adopt aggressive marketing strategy to perform all work in operations.
Along with this there are various task and operations that leads company to promote work as per
social media (Whalen and et. al., 2016). In context of Rowlinson knitwear there are various issue
that faced by management are mention as follow:
Lack of awareness regarding products- This is one of the major issue that is faced by
SME to perform work effectively. In the present scenario, majority of the business organisation
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are facing issue such as lack of awareness about company products. It also determines company
are not able to market company products as it is high in cost. Major issue faced by Rowlinson
knitwear relates with low investment in marketing activities of company.
Lower sales- If an organisation is not able to market company products it results there is
low in growth that decline company sales. For responding towards company problem in effective
manner it is essential for organisation to market company products. In context of Rowlinson
knitwear another issue is low sales in market because SME operate its business in small area. SO
due to low sales company face issue to perform their operations effectively (Whalen and Akaka,
2016).
With adopting techniques of market there are various problems faced by Rowlinson knitwear
that is improved by innovative marketing. With social media techniques it is easy for company to
market there products effectively in market. Their are various cheap and low cost method such as
mouth publicity, social media etc. are utilise by company to promote company products and
increase awareness about goodwill of market. Further, innovative marketing is best way that
helps to respond marketing challenges such as decrease in sale. All of them are mention as
follow:
Organising social media campaign- To increase awareness about maximum number of
products that are offered by business entities, social media is one of the best tool that is utilised
by company to promote and advertise products at large level. So with an effective social media
campaign it is easy to market company products in effective manner. Along with this Rowlinson
knitwear conduct all programs in an organised manner so it is easy for customers to generate
positive results as per company desired objectives.
Creating page on different websites- Their are different products or services is
formulated to satisfy needs of customers in proper manner. In the present scenario, organisation
is planning to utilise all technical methods that increases market share. Strategy perform an
effective role in the company that is leading management of respective organisation to complete
according to decided plans (Yang and Gabrielsson, 2017). Example- in present scenario,
individual are user-friendly with technology and social sites. So by generating effective website
it is easy for customers to perform work with clients. By creating web page and website in a
creative manner it is easy to attract more number of customers that increases sale in
organisational products.
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Formulating strategy for promoting products- To promote organisational products in an
effective manner social media must formulate an effective strategy that leads company to market
products in appropriate manner. This is also important for Rowlinson knitwear for formulating
effective strategy due to which goals relates with marketing are achieved in successful manner
(Lam and Harker, 2015). With the current scenario and purpose it is identified that goals relates
with market situation and trends it is easy for company to market products as per company
trends. This results all task are perform by management by innovation and current market trends
due to which all operations are performed in appropriate manner.
With the describe elements it is identified that strategy helps all organisation whether SME,
medium and large to conducts all work as per social media and innovation method. To meet with
customer expectation and needs both mention strategy leads Rowlinson knitwear for completing
all task as per desired objectives.
CONCLUSION
In the last, by the above report it is analysed and concluded that innovation and marketing
is a fresh method of marketing that is required to focus on all SME and other organisation. It
helps company to identify all needs of customers in proper manner by understanding market
environment and its conditions. As the market size is increasing their issue related with business
are also impacting on operations of company. Along with this there are various innovation are
taken in market which is required by organisation for conducting all marketing activities in
proper manner. Social media marketing is one of the best innovation model that satisfy needs of
products and services in market. One of the major issue which is related with different types of
social media with social website such as Facebook and other social media tools. It also results
more customers are attracted with creative and attractive website.
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REFERENCES
Books and Journals
Arfanly, B. and Syamsun, M., 2016. Peran Entrepreneurial Marketing dalam Peningkatan
Kinerja Pemasaran pada Industri Rumahan Kabupaten Kendal, Jawa
Tengah. MANAJEMEN IKM: Jurnal Manajemen Pengembangan Industri Kecil
Menengah. 11(2). pp.141-150.
Chaudhury, S.R and et. al., 2014. The winemaker as entrepreneurial marketer: an exploratory
study. International Journal of Wine Business Research.
Fillis, I., Lehman, K. and Miles, M. P., 2017. The museum of old and new art: Leveraging
entrepreneurial marketing to create a unique arts and vacation venture. Journal of
Vacation Marketing. 23(1). pp.85-96.
Habibzadeh, M., Meshkani, F. and Shoshtari, A., 2016. Identifying and ranking the factors
affecting entrepreneurial marketing to facilitate exports. Management Science Letters.
6(4). pp.309-314.
Lam, W. and Harker, M. J., 2015. Marketing and entrepreneurship: An integrated view from the
entrepreneur’s perspective. International Small Business Journal. 33(3). pp.321-348.
Lehman, K., Fillis, I.R. and Miles, M., 2014. The art of entrepreneurial market creation. Journal
of Research in Marketing and Entrepreneurship.
O'Cass, A. and Morrish, S., 2016. Anatomy of entrepreneurial marketing. Journal of Strategic
Marketing. 24(1). pp.2-4.
Whalen, P. and et.al., 2016. Anatomy of competitive advantage: towards a contingency theory of
entrepreneurial marketing. Journal of Strategic Marketing. 24(1). pp.5-19.
Whalen, P. S. and Akaka, M. A., 2016. A dynamic market conceptualization for entrepreneurial
marketing: the co-creation of opportunities. Journal of Strategic Marketing. 24(1).
pp.61-75.
Yang, M. and Gabrielsson, P., 2017. Entrepreneurial marketing of international high-tech
business-to-business new ventures: A decision-making process perspective. Industrial
Marketing Management. 64. pp.147-160.
Online
Benefits of word of mouth, 2017. [Online]. Available through:
<https://bizfluent.com/info-8430120-advantages-wordofmouth-marketing.html>
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